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Ann Arbor

Current Mortgage Rates in Ann Arbor, Michigan

Compare mortgage rates and fees for leading lenders in Ann Arbor, MI. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Ann Arbor.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Ann Arbor. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Ann Arbor, MI as of September 24, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Ann Arbor, MI Mortgage Rates Compare?

September 24, 2020

The current average rate for a 30 year fixed rate mortgage in Ann Arbor is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Ann Arbor, MI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Ann Arbor, Michigan?

Below we provide helpful information on the real estate market, home prices and housing affordability in Ann Arbor. Understand how much you need to earn to afford a home in Ann Arbor, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Ann Arbor fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Ann Arbor is right for you.

The median home value for Ann Arbor, MI (Washtenaw County) is $306,949

Based on current mortgage rates and a 10% down payment, you need to make $55,243 per year to buy the median priced home in Ann Arbor

With this income, you could qualify for a $276,254 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Ann Arbor is $1,279

The median household income for Ann Arbor, MI (Washtenaw County) is $69,203

Based on this income, you can afford a home valued at approximately $384,519

The home price you can afford to buy based on household income in Ann Arbor is 125% of the median home value which means housing prices are average. Ann Arbor (Washtenaw County) ranks 83 out of 83 counties in Michigan and 2,808 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Ann Arbor, MI is average

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Loan Limits for Ann Arbor, Michigan

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Ann Arbor (Washtenaw County) below.

Conforming loan limits for Ann Arbor, MI

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Ann Arbor, MI

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Ann Arbor, MI

1 unit: $510,400

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